Washington, DC
The Kremlin is
also hiring.
Saturday, March 8, 2025
Two Things:
One) The Smoot-Hawley tariffs were signed into law by Herbert Hoover in June 1930. It is the last time we did broad based tariffs. They were about 20%. This led to increased prices, the failure of overseas banks, deepening of the economic recession, and some argued the rise of Hitler.
Two) During the first term of President Eisenhower the top tax rate (ie on the wealthy) was 92%. This was the best economy the U.S. ever had. During the second term that tax rate was 91%.
Certainly, one can argue that there were a lot of factors why the economy was so strong in the 50s. Maybe, the fact that all of Europe and Asia were bombed into oblivion had something to do with it?
When Reagan took office in 1980 he did two things:
A) He reduced the upper tax rate from 70% to 28%
B) He attacked the unions
Since Reagan there has been a steady decline in the middle class in terms of wages, and opportunities.
In the 1960 and 70s it was possible to move up in the world through hard work, and by getting a good education.
This is no longer true.
Paul Krugman has just published a piece saying that the business people who backed Trump thought all his bat-shit crazy stuff was just fluff talk are now realizing he meant it. Huh.
Funny, both Reagan and Trump were T.V. Personalities. Hmmm?
I am still gobsmacked at how the Democrats failed to miss the huge obvious Republicans movement toward authoritarianism. It has been going on since Reagan. Capturing the Christian vote for a purpose, loading up the school boards with conservatives to ban books, The Heritage Foundation, The Bad Boys, Women for Liberty, all those little Christian enclaves in the suburbs and on and on. It has been right before their faces and they did nothing. Warren and Bernie were aware but they were called Communists and people backed off because after all Socialism is synonymous. Wonder who really is stupid.